Money Laundering Defense in New York City
NYC White Collar Crime Attorney
Money laundering is necessary because funds which are obtained from criminal
activities cannot be spent without the possibility of being traced. There
are numerous ways to launder money, but the end goal is the same: to hide
the true source of the money. Due to the nature of this offense, it is
impossible to discover exactly how much money is laundered every year,
but it is a considerable amount as law enforcement and governments are
doing their upmost to put a stop to this crime. This said, it is estimated
that billions of dollars are laundered in the U.S. alone every year.
Financial Action Task Force was set up in 1989 in order to attempt to regulate money laundering. This
inter-governmental organization was not only set up because of money laundering
in and of itself, but due to the fact that it is used to fund terrorist
activities and purchase weapons of mass destruction. The goal of a large
amount of crimes is monetary profit. For this reason, money laundering
must occur so that they can enjoy the proceeds of their actions.
prostitution, arms sales and smuggling, embezzlement, and
fraud are just examples of some of the crimes which could require money laundering
as an added crime. Team up with a
New York City criminal attorney for help in your case.
How Does Money Laundering Work?
There are three main steps to successfully laundering money without undesired
notice from the authorities. The first is
placement. This is the most dangerous stage of the process as it involves the initial
deposit of funds into a legitimate financial institution. It is usually
deposited in cash form into separate bank accounts. As banks are required
to report unusually high deposits, smaller amounts may be deposited in
order to avoid suspicion. The second stage of money laundering is
layering. By changing the form of the money and making different purchases, the
source of the money can be hidden, even if investigators trace the money
back several steps. For example, the currency can be converted, it can
be used to purchase high-value items such as jewelry, art, or property.
It could also be deposited and withdrawn from different bank accounts
several times in varying amounts.
The last stage which has to take place before the money appears to be legitimate is
integration. The funds could be deposited into a U.S. bank account from the sale of
a high-price item or the sale of a business. Another way it could be integrated
into the system is through a company used as a front. The money launderer
could purchase an item from their own store or invest the money in the
company. Once the money has reached this step in the process, it is almost
impossible to convict them of a crime. The reason for this is the lack
of documentation and the layers of legitimate sources.
New York Penal Code: Article 470
Every state will have different laws regarding money laundering. Under
New York Penal Code §§470.00-470.25 (2011), the charges and
penalties are divided from fourth to first degree. There will also be
different penalties if there the funds were used to support terrorism.
The fines of money laundering include paying a fine of up to two times
the value of what was laundered. The impact on the victims as well as
the circumstances of the crime will also be taken into consideration.
Have you been accused of this felony offense? You need to ensure that you
are properly represented. Our
white collar crime lawyers at H. Benjamin Perez & Associates, P.C. has the skill and experience
necessary to defend you.
Call us to get started!